Nauru wins appeal in Firebird case

His
Excellency President Baron Waqa delivered the positive news to the
Nauru public this afternoon (23 Oct) in relation to Nauru's win in
the Firebird court case that was before the Court of Appeal of New
South Wales (NSW) Australia this
month.

President
Waqa spoke in Nauruan to a live television and radio audience
announcing the decision in the case against U.S based company
Firebird Global Master Fund.

As
a result of the court decision, Nauru is now able to access its
bank accounts held with the Westpac Banking Corporation in
Australia.

However,
President Waqa cautions that while Nauru has won the appeal today,
it is not the end, adding that Firebird can take the
caseagainst
Nauru for $30-million in bond repayments further to the High Court
of Australia.

His
Excellency reiterated the government's assurance that the best
interests of Nauru will be protected in relation to Firebird and
other financial interests.

Last
month (September) Firebird was successful in obtaining a freeze of
Nauru's Australian bank accounts. The Government then
immediately hired lawyers in Australia to lift the freeze and after
a four day trial, before the Supreme Court of NSW, the ruling was
decided in favour of Nauru, on Friday 3 October and the Court
ordered that the judgment against Nauru should be set
aside.

As
a result, the bank freeze order was lifted on 3 October. However,
Firebird then immediately filed an appeal against the decision of
the Supreme Court of NSW resulting in the bank freeze remaining in
place until today's (23 Oct)
decision.

The
President likened today's successful outcome to a different kind
of Angam. Angam Day,
26 October, is a national event in the Nauru calendar observed as a
public holiday in commemoration of a time in Nauru's history of
struggle for survival in the face of war, hunger and disease, and
of reaching a population count of 1500 that would ensure the
survival of the Nauruan race.

President
Waqa made a further announcement that pending salaries for
government employees will be paid in full on Friday 24 October,
hence settling all remaining balances owed to past and present
public servants.

In
conclusion the President encouraged a nation of peace and once
again offered thanks for the prayers of individuals and church
groups.